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Economics Revision

1. Fiscal policy: Taxation and spending decisions of a government. To influence inflation,
growth, employment, performance of particular markers and too stabilise economy.

Expansionary/Reflationary: policy measure to increase AD
Contractionary/Deflationary: policy measure to decrease AD

Discretionary fiscal policy: changes in govt spending and taxation to influence AD

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Removal of rules and regulations
Increase in exports and imports ­ gets rid of methods of protectionism
encourage competition

Government subsidies
Encourage start up/growth
provide employment

International trade: exchange of goods and services across national borders
UK has an advantage, half way between Asian and US time zone

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1. Tariffs: Taxes on imported products

2. Quotas: limit on the supply of a good and service

3. Voluntary export restraint: limit placed on imports from a country with the agreement of
the country's government

4. Foreign exchange restrictions: limiting the amount of foreign exchanges made

5. Embargoes: ban on…


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